PAAA vs. ICSH
PAAA (PGIM AAA CLO ETF) and ICSH (iShares Ultra Short Duration Bond Active ETF) are both exchange-traded funds - PAAA is a CLO fund actively managed by PGIM, while ICSH is a Ultrashort Bond fund tracking the ICE BofA US 6-Month Treasury Bill Index (USD). PAAA is actively managed, while ICSH is passively managed. Over the past year, PAAA returned 5.26% vs 4.36% for ICSH. At a 0.05 correlation, their price movements are largely independent. PAAA charges 0.19%/yr vs 0.08%/yr for ICSH.
Performance
PAAA vs. ICSH - Performance Comparison
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Returns By Period
In the year-to-date period, PAAA achieves a 2.03% return, which is significantly higher than ICSH's 1.45% return.
PAAA
- 1D
- -0.01%
- 1M
- 0.40%
- YTD
- 2.03%
- 6M
- 2.45%
- 1Y
- 5.26%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ICSH
- 1D
- 0.00%
- 1M
- 0.34%
- YTD
- 1.45%
- 6M
- 1.79%
- 1Y
- 4.36%
- 3Y*
- 5.20%
- 5Y*
- 3.67%
- 10Y*
- 2.76%
PAAA vs. ICSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
PAAA PGIM AAA CLO ETF | 2.03% | 5.37% | 7.47% | 3.83% |
ICSH iShares Ultra Short Duration Bond Active ETF | 1.45% | 4.96% | 5.52% | 2.73% |
Correlation
The correlation between PAAA and ICSH is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Jul 27, 2023 | 0.05 |
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Return for Risk
PAAA vs. ICSH — Risk / Return Rank
PAAA
ICSH
PAAA vs. ICSH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PGIM AAA CLO ETF (PAAA) and iShares Ultra Short Duration Bond Active ETF (ICSH). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| PAAA | ICSH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.39 | ||
| Sortino ratioReturn per unit of downside risk | -6.66 | ||
| Omega ratioGain probability vs. loss probability | 6.72 | 6.79 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 30.32 | 44.30 | -13.98 |
| Martin ratioReturn relative to average drawdown | 187.65 | 297.17 | -109.52 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PAAA | ICSH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 10.83 | 11.22 | -0.39 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 7.64 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 2.62 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 6.78 | 1.93 | +4.85 |
Drawdowns
PAAA vs. ICSH - Drawdown Comparison
The maximum PAAA drawdown since its inception was -1.04%, smaller than the maximum ICSH drawdown of -3.94%. Use the drawdown chart below to compare losses from any high point for PAAA and ICSH.
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Drawdown Indicators
| PAAA | ICSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.04% | -3.94% | +2.90% |
Max Drawdown (1Y)Largest decline over 1 year | -0.17% | -0.10% | -0.07% |
Max Drawdown (3Y)Largest decline over 3 years | — | -0.10% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -0.73% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -3.94% | — |
Current DrawdownCurrent decline from peak | -0.01% | 0.00% | -0.01% |
Average DrawdownAverage peak-to-trough decline | -0.02% | -0.08% | +0.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.03% | 0.01% | +0.02% |
Volatility
PAAA vs. ICSH - Volatility Comparison
The current volatility for PGIM AAA CLO ETF (PAAA) is 0.11%, while iShares Ultra Short Duration Bond Active ETF (ICSH) has a volatility of 0.15%. This indicates that PAAA experiences smaller price fluctuations and is considered to be less risky than ICSH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PAAA | ICSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.11% | 0.15% | -0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 0.36% | 0.30% | +0.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.49% | 0.39% | +0.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.98% | 0.48% | +0.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.98% | 1.06% | -0.08% |
PAAA vs. ICSH - Expense Ratio Comparison
PAAA has a 0.19% expense ratio, which is higher than ICSH's 0.08% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
PAAA vs. ICSH - Dividend Comparison
PAAA's dividend yield for the trailing twelve months is around 4.88%, more than ICSH's 4.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ICSH iShares Ultra Short Duration Bond Active ETF | 4.34% | 4.55% | 5.24% | 4.78% | 1.66% | 0.42% | 1.21% | 2.61% | 2.20% | 1.36% | 0.88% | 0.54% |
PAAA PGIM AAA CLO ETF | 4.88% | 5.12% | 5.88% | 2.76% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PAAA and ICSH have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ICSH has higher volatility (0.15%) compared to PAAA (0.11%). In terms of maximum drawdown, PAAA dropped -1.04% vs ICSH's -3.94%.
On 1-year performance, PAAA leads with 5.26% vs 4.36% for ICSH. On fees, ICSH is cheaper at 0.08% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, PAAA has performed better with a 5.26% return vs 4.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ICSH is cheaper with a 0.08% expense ratio, compared with 0.19% for PAAA.
PAAA has the higher dividend yield at 4.88%, compared with 4.34% for ICSH.
PAAA is categorized as CLO, while ICSH is Ultrashort Bond. They also come from different issuers: PGIM and iShares. Their fees differ too: 0.19% for PAAA and 0.08% for ICSH.
ICSH currently has the higher Sharpe Ratio (11.22 vs 10.83), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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